Last updated: January 27, 2023, 9:35 AM IST
Domestic markets were lower on Friday, after falling more than one percent on Wednesday. The S&P BSE Sensex fell 238 points, or 0.4 percent, hovering around 59,967 levels in early deals.
The NSE Nifty50, meanwhile, stood at 17,832, down 60 points or 0.33 percent. In broader markets, BSE MidCap and SmallCap indices lost 0.01 percent and 0.02 percent, respectively.
Among individual stocks, Tata Motors was up 5 percent as the company posted a consolidated net profit of Rs 3,043 crore in Q3FY23 after recording losses for seven consecutive quarters. This was due to a strong order book, an improved supply of semiconductor chips, subdued commodity prices and a better product mix.
“Long wave of liquidation on Wednesday abated without threatening 17800, while hopes of revival remain. Such hopes will be bolstered if 18000 is recovered early in the day. This should put Nifty back in neutral territory, with occasional upticks, but we expect distribution to pick up again if we go straight back to the 18120 region. We will look for an increase above the 18200 consolidation in the sun 17940 region to gain our advantage,” said Anand James – Chief Market Strategist at Geojit Financial Services.
Shares in Asia rose on Friday after US stocks were higher following a rally in technology stocks, helping investors shake off mixed economic data suggesting a path to a soft landing, but the risk of a recession remains. An Asian stock meter is heading for a fifth week of gains and the highest closing price since April.
Wall Street ended a choppy session higher on Thursday as investors grappled with a deluge of economic data and a string of mixed corporate earnings as they watched the clock tick down to next week’s Federal Reserve monetary policy meeting. While all three major US stock indices advanced, megacap momentum stocks, supported by Tesla Inc’s earnings gains and optimistic sales forecasts, helped push the Nasdaq into the lead.
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